CFPB FY 2023 Office of Minority and Women Inclusion (OMWI) Report to Congress
The FY 2023 OMWI annual report to Congress provides detailed information about the diversity, equity, inclusion, and accessibility (DEIA) work of the Consumer Financial Protection Bureau from Oct. 1, 2022 through Sept. 30, 2023. The DEIA work of the CFPB aligns closely with the Biden-Harris Administration’s Executive Order on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government , the Executive Order on Diversity, Equity, Inclusion, and Accessibility in the Federal Workforce , the CFPB Strategic Plan, and the CFPB Diversity, Equity, Inclusion and Accessibility Strategic Plan .
The report includes the following areas and highlights:
- Workforce diversity: There have been significant achievements within the CFPB workforce. In FY 2023, diversity among CFPB executives and leaders increased. Fifty-one percent of executives self-identified as minorities, a five percent increase from the previous fiscal year. In FY 2023, the CFPB had a higher percentage of minorities and women in executive positions than those figures for the federal workforce. Representation of female employees increased to 50.4 percent of the entire CFPB workforce.
- Workplace inclusion: Employees experienced and perceived a strong sense of inclusion within the CFPB’s workplace. This was measured using 20 inclusion-related questions from the Annual Employee Survey. The 2023 Inclusion Quotient Index was 73.4 percent, exceeding the CFPB's internal target, and achieving the highest favorable response in a five-year period.
- Supplier diversity: In FY 2023, the CFPB nearly tripled the number of interested vendors available for market research from 400 to over 1,100. Additionally, the CFPB awarded 75 million dollars to Minority- and Women-owned Businesses (MWOBs), equating to over 40 percent of all the CFPB’s competitive dollars spent.
- Inclusion in business activities: In FY 2023, OMWI provided MWOB briefings to the CFPB divisions highlighting the business case for supplier diversity, sharing office-specific MWOB statistics, and business inclusion best practices, all of which informed each division’s annual diversity and inclusion strategic actions plans.
- Regulated entities: In FY 2023, OMWI elevated its outreach efforts to regulated entities, shared and elucidated relevant research regarding the US population and the broad diversity and buying power amongst the multicultural population, and provided technical assistance to entities regarding their diversity and inclusion programs.